Financial technology company Saldo Bank UAB is introducing term deposits to its operations in Lithuania.
In a blog post, the bank said it will now offer term deposits whilst continuing to provide loans for Lithuanian consumers and SME customers.
The Finnish firm had initially launched in the country in 2021, while it obtained a specialised bank licence from the European Central Bank, in October 2021, to help meet necessary regulatory requirements.
In addition, the company said it plans to introduce new banking services like payment cards and to grow its local team before expanding to other countries.
“We are ready to provide wider lending services for consumers and SMEs as well as introduce deposits for Lithuanian consumers in April,” said Jarkko Mäensivu, CEO at Saldo Bank.
“In the future, Saldo Bank will offer more banking services like cards, increase SME finance availability and plan to expand our banking operations in Finland and Sweden by passporting our specialised bank licence.”
Saldo Bank’s business model is built on its fully-automated lending engine that streamlines the customer onboarding and scoring process. This provides personalised loan offers instantly for both consumers and SMEs.
In 2019, the company decided to transform from a domestic fintech business into an international digital bank. Over the last two years, its Vilnius office has doubled its headcouny and currently acts as Saldo Bank’s global headquarters.
“Favourable regulatory environment has been attracting fintechs and other financial companies to Lithuania for some time now. Saldo Bank has also benefited from both the fintech-friendly regulation and the hub of tech knowledge in Vilnius,” Mäensivu added
According to Elijus Čivilis, General Manager at Invest Lithuania, the fact that Saldo chose Lithuania for its base of operations also illustrates the strength of the country’s Fintech sector.
“There is no doubt that we have created a fertile environment for dynamic, growing, and international financial businesses like Saldo. With its proprietary systems, scalable products and responsible operations, the company is a valued member of our fintech community,” he said.
